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IBM to invest $150bn in US amid push for domestic manufacturing
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IBM launches new AI models to capitalize on growing demand

IBM has unveiled the latest version of its artificial intelligence model, “Granite 3.0,” aiming to meet the increasing demand from businesses adopting generative AI technology. Released on Monday, these models will be made open-source, following the trend established by previous versions in IBM’s Granite family, and distinguishing the company from competitors like Microsoft (MSFT.O), which […]

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FG approves divestment of four international oil companies

The federal government has sanctioned the divestment of four international oil companies, as announced by the CEO of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe. Komolafe made this disclosure on Wednesday during the commission’s launch of the project 1 million barrels of oil per day initiative. He stated that the commission has received applications […]

News

Manufacturing firms reduce debt burden by N1.62tn in H1 2024

Manufacturing companies in Nigeria successfully reduced their debt burden by N1.62 trillion between February and June 2024, according to data from the Central Bank of Nigeria’s statistical bulletin on sectoral distribution of credit by Deposit Money Banks. This reduction reflects a significant 14.85% decline in manufacturing loans, occurring in a context of rising interest rates […]

News

Marketers import fuel as Dangote struggles to meet demand

No fewer than four vessels carrying Premium Motor Spirit, commonly known as petrol, arrived at Nigerian seaports between Friday, October 18, and Sunday, October 20, according to reports by The PUNCH. The ships delivered about 123.4 million litres of petrol to bolster the nation’s fuel supply. The vessels berthed at ports in Lagos and Cross […]

Private power supply costs N750/kWh, says Minister Adelabu
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Private power supply costs N750/kWh, says Minister Adelabu

The Minister of Power, Adebayo Adelabu, has revealed that generating electricity using petrol now costs private entities up to N750 per kilowatt-hour (kWh) due to the soaring price of petrol. For those using diesel-powered engines, the cost rises even higher, reaching N950 per kWh. At a recent event in Lagos, Adelabu highlighted that these figures […]

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Cuba’s power grid collapses again as hurricane intensifies woes

Cuba experienced another collapse of its electrical grid on Sunday, marking the fourth such failure in just 48 hours. This latest outage comes as a hurricane made landfall, exacerbating the island’s struggles and threatening further damage to its aging infrastructure, according to Reuters. Earlier on Sunday, officials announced progress in restoring power after several false […]

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ICYMI: Nigeria provides uninterrupted electricity to neighbours – TCN boss

The Managing Director of the Transmission Company of Nigeria, Engr. Sule Abdulaziz, has disclosed that Nigeria supplies uninterrupted electricity to neighbouring countries Togo, Benin, and Niger Republic despite many Nigerians continuing to experience inconsistent power supply. This was disclosed by Abdulaziz during a live interview on Channels TV’s Politics Tonight program on Sunday. He said, […]

Cooking gas prices skyrocket by 114% in 16 months - Report
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Cooking gas prices skyrocket by 114% in 16 months – Report

The price of Liquefied Petroleum Gas, commonly known as cooking gas, has surged dramatically from N700 per kilogram in June 2023, around the time President Bola Tinubu assumed office, to N1,500 per kilogram in October 2024, The PUNCH reports. This marks an alarming 114% increase in just 16 months. The spike in LPG prices is […]

News

Effective public sector vital for national development – Directors

The Chartered Institute of Directors of Nigeria has emphasized the critical importance of effective public sector governance as Nigeria faces the complex challenges of the 21st century. In a recent statement during the 2024 Fellows’ Investiture held in Lagos, the President and Chairman of the Governing Council of CloD, Tijjani Borodo, asserted that a well-governed […]

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More than 60% of Nigerians live in slums – Stakeholders

Stakeholders in the built environment have revealed that 60 per cent of Nigerians reside in slums. This was disclosed by the stakeholders at the 33rd Lagos Builders’ Conference and annual general meeting held recently in Lagos, with the theme: “Breaking Barriers and Empowering Change in Nigeria’s Real Estate Sector: Process and Control”, according to The […]

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Eterna launches direct aviation fuel supply at Lagos airport

Eterna Plc, an integrated energy provider in Nigeria, has announced a significant milestone with the launch of its “into-plane Jet-A1 fuel operations” at Murtala Muhammed Airport in Lagos. This development follows the successful commissioning of the Joint User Hydrant Installation 2 facility, which has a storage capacity of 15 million liters of Jet A1 fuel, […]

News

Cardoso urges action to address shortage of finance professionals

The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, has emphasized the urgent need to tackle the shortage of skilled professionals in finance-related fields within Nigerian universities. In a statement released by the CBN on Sunday, Cardoso made this call during a strategic meeting held at the CBN headquarters in Abuja, according to […]

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